Dispositions and Impairment

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Impairment

Dispositions and Impairment

During the six months ended June 30, 2024 and 2023, the Company disposed of its interests in various properties for a gross disposition price of $15,750 and $27,910, respectively, and recognized gains on sale of properties of $8,352 and $7,879, respectively.

The Company had one and two properties classified as held for sale at June 30, 2024 and December 31, 2023, respectively. Assets and liabilities of the held for sale properties at June 30, 2024 and December 31, 2023 consisted of the following:

	June 30, 2024		December 31, 2023
Assets:
Real estate, at cost	$	26,758	$	9,018
Real estate, intangible assets	3,536		—
Accumulated depreciation and amortization	(14,452)		—
Other	131		150
	$	15,973	$	9,168
Liabilities:
Accounts payable and other liabilities	$	24	$	5
Deferred revenue	—		53
Prepaid rent	—		359
	$	24	$	417

The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability, change in the estimated holding period of the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered.

The Company did not incur any impairment charges on real estate during the six months ended June 30, 2024. The Company recognized aggregate impairment charges on real estate of $16,490 during the six months ended June 30, 2023, due to potential property sales.